Gofen Put (Sun Guofeng)

Gofen Put (Sun Guofeng)

Biography

2023: Sentence - 16.5 years in prison for bribes and disclosing state secrets

On December 28, 2023, it became known that People's Bank of China the former head of the monetary policy department, Sun Guofeng, was sentenced to 16 years and six months in prison for taking bribes and disclosing state secrets. The investigation into the banker was part of a large-scale anti-corruption campaign in the financial industry initiated by the authorities. PEOPLE'S REPUBLIC OF CHINA

According to investigators, Gofen used his official position and for monetary remuneration provided interested parties with information about the policy of the People's Bank. Moreover, some such data were classified - they helped third parties make a profit. The Supreme People's Prosecutor's Office of the PRC, acting as a state prosecutor, reported that Gofen conducted criminal activities for almost 20 years - from 2002 to 2020. During this time, he received bribes totaling approximately 21 million yuan ($2.97 million at the exchange rate as of December 29, 2023).

It is also alleged that Gofeng had access to internal information related to the merger and acquisition plans of one of the public companies, which is listed on the Shanghai stock exchange. Thanks to this, the banker was able to earn more than 11 million yuan ($1.55 million) by trading in the securities of this company in 2014-2015.

It is known that Gofeng worked in various positions at the People's Bank of China since 1996. He spent the bulk of his career in the monetary policy department. From the post of head of this unit, he was fired in the spring of 2022, and at the same time an investigation was launched against him. In general, more than 100 officials from different institutions fell under the anti-corruption campaign in the financial industry of the PRC. Another senior employee of the People's Bank, Fan Yifei, was arrested in June 2023: he is also suspected of taking bribes.^[1]

Notes